The Organization of the Petroleum Exporting Countries (OPEC) was founded at the Baghdad Conference in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Members agree production quotas to influence oil prices; Saudi Arabia is its de facto leader. OPEC+ is a wider group formed in late 2016 that adds Russia and other producers. Membership shifts: Qatar, Ecuador, Angola and, in 2026, the UAE have left.
Key facts
- Founded 14 September 1960 at Baghdad by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- Eleven members after the UAE's exit, effective 1 May 2026: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela. (as of 23 Oct 2026)
- OPEC nations hold about 80 percent of proven oil reserves; the OPEC Conference decides by unanimity, one member one vote.
- OPEC+ (with Russia and others) was formed in late 2016; Secretary General Haitham al-Ghais. (as of 23 Oct 2026)
Why exams ask about it
Headquarters, founding city, founding members and the latest country to leave are the usual questions.